Eni signs oil deal with Ras Al Khaimah

Italian oil firm Eni is expanding its footprint in the Middle East. (Reuters)
Updated 19 April 2019

Eni signs oil deal with Ras Al Khaimah

  • The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates
  • It was signed between Eni and the emirate’s RAK Petroleum Authority

MILAN: Eni has signed an exploration and production sharing agreement with the emirate of Ras Al Khaimah, the Italian oil company’s latest expansion in the Middle East.
The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE). It was signed between Eni and the emirate’s RAK Petroleum Authority, Eni said in a statement.
Block A is an area of 2,412 sq km. Eni will be the block’s operator, with a 90 percent participating interest, while RAK GAS will hold the remaining 10 percent.
Earlier this year, Eni pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity by more than a third. 

In January, the oil company of Sharjah, another emirate, awarded Eni concessions in three areas. 

That same month Eni also signed an exploration and production agreement in neighboring Oman.


Investors, scientists urge IEA to take bolder climate stance

Updated 30 May 2020

Investors, scientists urge IEA to take bolder climate stance

  • The energy agency’s head is under pressure to align its policies with the 2015 Paris accord goals

LONDON: Fatih Birol, the head of the International Energy Agency (IEA), faced renewed calls to take a bolder stance on climate change on Friday from investors concerned the organization’s reports enable damaging levels of investment in fossil fuels.

In an open letter, investor groups said an IEA report on options for green economic recoveries from the coronavirus pandemic, due out in June, should be aligned with the 2015 Paris accord goal of capping the rise in global temperatures at 1.5C.

The more than 60 signatories included the Institutional Investors Group on Climate Change, whose members have €30 trillion ($33.42 trillion) of assets under management, scientists and advocacy group Oil Change International.

“Bold, not incremental, action is required,” the letter said.

The Paris-based IEA said it appreciated feedback and would bear the letter’s suggestions in mind. It also said it had been recognized for leading calls on governments to put clean energy at the heart of their economic stimulus packages.

“We have backed up that call with a wide range of analysis, policy recommendations and high-level events with government ministers, CEOs, leading investors and thought leaders,” the IEA said.

Birol has faced mounting pressure in the past year from critics who say oil, gas and coal companies use the IEA’s flagship World Energy Outlook (WEO) annual report to justify further investment — undermining the Paris goals.

Birol has dismissed the criticism, saying the WEO helps governments understand the potential climate implications of their energy policies, and downplaying its influence on investment decisions.

FASTFACT

1.5°C

The 2015 Paris accord aims to cap the rise in global temperatures at 1.5C.

But campaigners want Birol to overhaul the WEO to chart a more reliable 1.5C path. The world is on track for more than double that level of heating, which would render the planet increasingly uninhabitable, scientists say.

The joint letter followed similar demands last year, and was published by Mission 2020, an initiative backed by former UN climate chief Christiana Figueres.